Broker CMC Markets has announced that its users in the UK and Europe can now make payments quickly and securely thanks to TrueLayer's open banking technology.
The partnership with TrueLayer allows CMC Markets' clients to make faster payments with funds deposited into the broker's accounts. In addition, TrueLayer's technology pre-populates client information and has integrated strong customer authentication (SCA), which significantly reduces the risk of fraud, according to the Fintech Finance News portal.
A recent survey conducted by TrueLayer and YouGov found that 24% of potential users of online wealth management services across Europe have missed out on investment opportunities due to slow deposit times but are willing to work with a provider that offers instant payments. The survey covered 3,000 people.
By integrating TrueLayer's open banking technology, CMC Markets aims to meet the needs of its users by demonstrating its client centricity.
"We're excited to work with TrueLayer and look forward to working with them as they expand geographically," said Colleen Bohm, Head of Payments at CMC Markets, commenting on the partnership.
"Open banking payments make deposits faster and more convenient while maintaining strict security standards. We look forward to working with CMC Markets to bring these benefits to their customers," said Mariko Basing.
"Open banking payments make deposits faster and smoother while maintaining rigorous security standards. We’re excited to work with CMC Markets to bring these advantages to their customers," said Mariko Beising, VP of Financial Services and Partnerships at TrueLayer.
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